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OF Remittances Continue to Trend Upwards; March 2012 Transfers Reach US$1.7 Billion

05.15.2012

Remittances from overseas Filipinos (OFs) coursed through banks rose in March 2012 by 5 percent year-on-year to reach US$1.7 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today. The continued increase in remittance flows in March brought the first quarter level to  US$4.8 billion, higher by 5.4 percent than the US$4.6 billion realized in the same period a year ago. Remittances from land-based (US$3.7 billion) and sea-based (US$1.1 billion) workers during the quarter registered increases of 2.7 percent and 15.3 percent, respectively.

Robust cash transfers in the first quarter of 2012 were supported by the sustained demand for Filipino manpower in various foreign labor markets.  Latest preliminary data from the Philippine Overseas Employment Administration (POEA) indicated that 68,711 job orders for service, production, and professional, technical and related workers were processed for the period 1 January – 30 April 2012 in response to the manpower requirements in Saudi Arabia, UAE, Qatar, Kuwait, Hong Kong, Taiwan and Singapore.  Increased inflows of overseas Filipinos’ remittances were made possible by the continued expansion of banks’ presence across the globe through tie-ups established by local financial institutions with foreign and local money transfer operators, mobile phone service operators and pawnshops.  Recently, two local banks have forged tie-ups with a local courier and a money remittance company to serve more OFs and beneficiaries worldwide.

To date, the significant portion of remittances continued to come from the U.S.A, Canada, Saudi Arabia, Japan, the U.K., Singapore, United Arab Emirates, Germany, Italy and Hong Kong. 

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